Kim's departure will give President Donald Trump the opportunity to nominate his own choice to fill the World Bank post.

"It has been a great honour to serve as President of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime", Kim said.

Mr Kim intends immediately to join a firm to focus on increasing infrastructure investment in developing countries, the bank said, without providing further details on the position.

According to the World Bank, Kim's leadership set two goals for the bank: "to end extreme poverty by 2030; and to boost shared prosperity, focusing on the bottom 40 percent of the population in developing countries".

Last April, the Bank also increased its capital by $13 billion with the unexpected support of the Trump administration.

As World Bank President since July 2012, the outgoing World Bank Group head noted infrastructure finance as one of the greatest needs in the developing world.

The World Bank says he will be succeeded February 1 on an interim basis by Cristalina Georgieva, its chief executive officer.

Actor Kevin Spacey pleads not guilty to sex assault chargeHe said he had at least eight drinks with the actor, with Spacey buying a lot of them and telling him, "Let's get drunk". He faces a single charge of indecent assault and battery, which carries a maximum sentence of five years in prison.

Amazon has sold more than 100 million Alexa devicesIn fact, Google says one out of every seven Google Home devices that were activated over the holidays was a Google Home Hub . With a phone running Android Auto, you can have access to the Assistant from your car's infotainment screen.

Kim's decision to quit for the private sector was described by sources close to the bank as a sudden and "personal decision" that surprised its shareholders - the 189 nations that support its work.

Its sister lending agency, the International Monetary Fund, has always been headed by a European.

Already the United States nominee was challenged for the first time in 2012 by two contenders.

World Bank staff also chafed at a widespread internal restructuring that Kim began, as well as spending and staff cuts.

A spokeswoman for the US Treasury, which oversees the US voting interest in the World Bank, said that Treasury Secretary Steven Mnuchin "looks forward to working with his fellow governors in selecting a new leader".

Those same developing countries have become "increasingly opposed to USA dominance over the global development bank", the report added.

Comments

Latest Posts

Shutdown stinks for beloved national parks
Hikers at nearby Difficult Run, just outside the national park border, ignored a yellow police line that closed a trail. The man is the second person to die at a national park since the shutdown began, according to reports .

China economy woes help U.S. in trade talks
Adding to the worries, China's stock market became the world's worst performer a year ago , ending with a loss of 28 percent. American companies like Apple and FedEx have already attributed lowered revenue estimates to the trade war with China.

Alleged 2019 iPhone renders surface, shows off three cameras
It is thought that the odd alignment might have something to do with apple adopting a 3D camera sensor for its next phone . The 3D camera would be able to create 3D depth maps by measuring the time it takes light to bounce off things in a scene.

Samsung is bringing an iTunes app to its smart TVs soon
Apple now has hundreds of thousands of movies and TV show episodes and also the largest library of 4K HDR movies of any service. The inclusion of AirPlay 2 support means you'll be able to beam content to your TV directly from Apple devices too.

Samsung Reveals New MicroLED Displays
Samsung's modular displays work on the same principle as stadium scoreboards, where the pixels are made up of LEDs. Since the entire system is modular, users can customize their own display to fit the space perfectly.

Malaysia's King Abdicates in Unexpected and Rare Move
Speculation intensified about the king's future this week when the country's Islamic royals reportedly held a special meeting . Over the past weeks, rumors had surfaced in Russian and British media that he had married a former Russian beauty queen.

NFL Today, Wild-Card Playoffs | AP sports
Patrick Mahomes and the Chiefs (12-4) earned the No. 1 seed in the AFC for the first time since 1997. The loss ended a run of nine consecutive victories in playoff openers for the Seahawks (10-7).